Analysts at UBS bank believe that it will take a long time for the US Congress to sort out all the complexities associated with digital currencies and resolve internal disagreements.
One of the largest banks in Switzerland, UBS, published a note on a recent congressional hearing on the regulation of stablecoins and cryptocurrencies. As a reminder, the bipartisan House Committee on Financial Services of the US Congress did not support a bill proposing to subject stablecoin issuers to the same strict federal oversight as banks.
UBS experts noted that the US Federal Reserve System (FRS) cannot start developing a digital dollar without instructions from Congress. However, lawmakers “will take time to understand the complexities associated with cryptocurrencies, resolve internal differences and come to a consensus on the regulation of digital currencies.”
“Regulators can wait a long time for Congress to act. However, they will have to solve the problems associated with cryptocurrencies now, using the limited powers they have,” the bank said in a note.
At the same time, UBS analysts believe that interest in digital currencies “is growing in Congress and among the general public.” Recall that earlier the bank’s experts presented an investment strategy, thanks to which depositors can avoid the risks associated with the high volatility of digital currencies.
Source: Bits
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